Accounting firms can be the glue that holds a small business together.
There are lots of questions about accounting firms when it comes to small businesses. Accounting can be intimidating to many people, especially if you’re a small business owner, but an accounting firm can be your best friend.
Think about everything you do to make your business work. Now think about your finances. Eek! But you don’t have to be afraid of your finances – instead, embrace them by handing the numbers off to a qualified group of accountants. Here’s what you need to know about accounting firms and why you should hire one for your small business.
What Does an Accountant Do?
An accountant is the overseer of your business finances. They can handle bookkeeping, data entry, cash flow records including accounts payable and accounts receivable, payroll management, tax preparation and filing, monthly bank balances, reporting and financial statements. They can also manage inventory, customer and client databases, bill payments, budgets and staffing needs.
Accountants can also give you guidance and advice when it comes to business decisions. They have insight into your financial health and can make recommendations regarding investments, purchases, tax preparation and deductions, and even increases or decreases in staffing. They can guide you on the best legal structure for your business plans and strategies.
What Does an Accounting Firm Do?
An accounting firm is home to many accountants and other financial experts. They do the same work as an individual accountant, but with a much larger scope. They can offer expertise in many areas because they have the resources to do so.
One of the biggest benefits of hiring a firm vs. an individual is the firm’s ability to have many eyes on your finances, which allows for accountability and checks and balances. While an individual accountant may be an expert in one area, a firm can offer a variety of experience and specialization that can benefit your business as it grows.
Why Should I Hire an Accounting Firm?
Your area of expertise is your core business. You can’t be a subject matter expert on everything related to your business; you simply don’t have the time or the bandwidth. When it comes to your financial tracking and management, an accounting firm can come to your rescue. They are the experts, so you can feel confident handing over the reins, knowing they have the qualifications to do all your accounting for you and do it well. All the while, you keep track of it with the reporting and analysis they can provide.
Here are a few other things an accounting firm will do for your business:
- Budget: They will help you create a budget that works for your business. They will also help you stay on track to meet your goals, whether that’s investing in new equipment, hiring additional staff or paying down your debt.
- Taxes: An accounting firm will prepare and file your taxes, make sure you meet all filing deadlines, ensure you’re in compliance with any regulations, help you take advantage of any deductions you might qualify for, and help you reduce your taxes by tracking financial data throughout the year.
- Consulting: The ones that know your business best are in the best position to help you make sound financial decisions. An accounting firm can guide you on your business plan and operations. They can also help you identify new opportunities, advise you when it comes to investing, and alert you to any industry regulatory changes that could impact your business.
You need an expert to help you manage and track all the financial information for your business. Instead of putting all your eggs in one basket, take advantage of the benefits of a group of experts that can help you stay in business, 365 days a year. Call 678-990-0924 for a free consultation to learn how an accounting firm can help your business.